The global Absorbent Glass Mat Battery Market is estimated to be valued at US$ 14.72 billion in 2023 and is expected to exhibit a CAGR of 9% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Absorbent Glass Mat (AGM) batteries are a type of lead-acid battery that utilizes a fiberglass mat separator to hold the electrolyte in place. AGM batteries offer several advantages such as high energy density, low self-discharge rate, and superior performance in extreme temperatures. These batteries are widely used in automotive, marine, and uninterruptible power supply (UPS) applications. The increasing adoption of electric vehicles (EVs) worldwide is driving the demand for AGM batteries, as they are essential for storing and delivering power in EVs.
Market Key Trends:
The key trend driving the growth of the Absorbent Glass Mat Battery Market is the increasing adoption of electric vehicles. With the growing concerns over environmental pollution and the depletion of fossil fuels, there has been a significant shift towards electric vehicles as a sustainable transportation solution. AGM batteries play a crucial role in EVs by providing high energy density and long-lasting power to drive the vehicles. Furthermore, the government initiatives and incentives promoting the adoption of electric vehicles are further fueling the demand for AGM batteries. Moreover, technological advancements in battery technology, such as improved energy storage capacity and faster charging capabilities, are also driving the market growth. Overall, the Absorbent Glass Mat Battery Market is expected to witness high growth in the coming years due to the increasing adoption of electric vehicles and advancements in battery technology.
Political: The political stability in a country or region plays a vital role in the growth of the absorbent glass mat battery market. Government policies and regulations regarding environmental sustainability and clean energy can impact the demand for these batteries. For example, favorable government initiatives to promote renewable energy sources can drive the adoption of absorbent glass mat batteries.
Economic: The economic factors that can affect the absorbent glass mat battery market include GDP growth rate, income levels, and consumer spending patterns. Economic stability and rising disposable incomes can drive the demand for automotive and industrial applications, leading to the growth of the market.
Social: Social factors such as growing environmental consciousness and the increasing demand for sustainable and eco-friendly products can influence the absorbent glass mat battery market. The shift towards clean energy solutions and the need for efficient energy storage to reduce carbon emissions can contribute to the market growth.
Technological: Technological advancements in battery technologies and the development of advanced charging infrastructure are significant factors in the growth of the absorbent glass mat battery market. Improvements in battery energy density, longer lifespan, and faster charging capabilities can enhance the adoption of absorbent glass mat batteries in various applications.
The global Absorbent Glass Mat Battery Market is expected to witness high growth, exhibiting a CAGR of 9% over the forecast period. The market is driven by the increasing demand for reliable and high-performance batteries across automotive, industrial, and renewable energy applications. The shift towards clean energy sources and the need for energy storage solutions to balance the intermittent nature of renewable energy generation are key drivers for the market growth.
In terms of regional analysis, Asia Pacific is expected to be the fastest-growing and dominating region in the absorbent glass mat battery market. The rapid industrialization, growing automotive sector, and supportive government initiatives for clean energy adoption contribute to the market’s growth in this region.
Key players operating in the absorbent glass mat battery market include EnerSys, Exide Technologies, GS Yuasa, Hoppecke, Crown Battery, Hitachi Chemical, Amara Raja, HBL Power Systems, C&D Technologies, Luminous, Okaya Power, Rolls Battery, Amara Raja Batteries, Hankook AtlasBX Co, Leoch Battery, Power-Sonic, Southern Batteries, Panasonic Corporation, Samsung SDI, and LG Chem. These key players are focusing on product innovations, partnerships, and expansions to gain a competitive edge in the market.